Introduction about Indian Overseas Bank
Indian Overseas Bank is a government-owned bank in India with total assets of 457 crore. Headquartered in Chennai, it was established on February 10, 1937. The bank boasts 3,381 branches and a network of 4,571 ATMs across the country.
Offering a wide range of financial services, Indian Overseas Bank caters to its customers’ needs, including savings deposits, fixed deposits, recurring deposits, home loans, personal loans, car loans, education loans, gold loans, PPF accounts, lockers, net banking, mobile banking, RTGS, NEFT, IMPS, E-Wallets, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, and more.
| INTEREST RATE | 7.05% to 8.15% |
| PROCESSING FEE | As decided by the bank from time to time |
| LOAN TENURE | Maximum 35 months |
| PRE CLOSURE CHARGES | As decided by the bank from time to time |
| GUARANTOR REQUIRED | No |
Discover information about Indian overseas bank gold loan interest rate, including its official website, ATMs across India, branches nationwide, contact numbers, official email ID, headquarters, and headquarters address. Additionally, find details about Indian Overseas Bank’s gold loan purposes, eligibility criteria, margin, repayment terms, security, and the necessary documents required for obtaining a gold loan below.
The Gold Loan from Indian Overseas Bank is designed to assist borrowers in meeting their urgent financial needs by pledging their gold items, such as ornaments or coins. The bank offers lower interest rates and faster disbursement for this purpose.
Eligibility for the Indian overseas bank gold loan interest rate:
- Age: Minimum 18 years.
- Ownership of gold items for mortgaging.
- Regular income (optional).
- Having a Savings or Current account with the bank (optional).
Documents Required:
- Filled and signed gold loan application form.
- 2 passport size photographs.
- Proof of identity (Passport, Voter ID, Driving license, PAN card, Aadhar card, Government department ID).
- Proof of address (Bank account statement, Electricity bill, Mobile/telephone bill, Credit card statement, Existing house lease agreement).
- Proof of income (Latest salary slip, Form 16, Income Tax Returns – optional).
Loan Amount:
- Minimum: Rs. 50,000
- Maximum: Rs. 25 lakh
Security:
- Gold items like ornaments or coins, which can be easily liquidated in case of default, leading to lower interest rates.
Loan Tenure:
- Short term, with a maximum of 1 year for non-agricultural use (some banks offer up to 36 months).
Repayment Options:
- Repayment through EMIs or a bullet repayment at the end of the loan term.
Charges:
- Processing Fee (negotiable).
- Valuation Fee for gold assessment.
- Pre-payment Penalty (some banks may charge).
- Late Payment Penalty.
Important Considerations:
- Emotional attachment to gold.
- Gold purity required: 18-22 carats or above.
- Terms and conditions in the loan agreement.
Contact Information for Indian Overseas Bank:
- Official Website: https://www.iob.in
- Contact Numbers: 18008904445, 18004254445, 044-28524212
- Email: gmcsd@iob.in
- Missed Call Number: 9210622122
- Total Branches: 3381
- Total ATMs: 3571
- Headquarter: Chennai
- Bank Address: 763 Anna Salai, Chennai – 600002